USPI's Q1 case volume down 6.5% from 2019: 5 notes

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Dallas-based United Surgical Partners International, Tenet's ASC segment, is recovering case volume and revenue amid the pandemic but continues to chase 2019 numbers.

Five notes:

1. USPI reported $646 million in first-quarter revenue, a 31.8 percent year-over-year increase. The company reported $1.2 billion in same-facility systemwide net patient services revenue, a slight increase over the same period last year.

2. First-quarter same-facility surgical cases were up 1.9 percent over 2020, but down 6.5 percent compared to 2019 volumes.

3. USPI had interest in 312 ASCs and 24 surgical hospitals on March 31, when the first quarter ended.

4. Tenet said it plans to sell its 39 urgent care centers, currently part of the ambulatory segment, by the end of April.

5. USPI's adjusted EBITDA was $244 million for the first quarter.

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